With many of us working from home these days, we are finding we have much more time on our hands and what better to do with that time than update our homes!
We want to get the most out of our homes, in terms of value and livability. There are a few renos that will give you the best return on your dollar, especially in times of a global pandemic.
Updating your kitchen can bring you one of the highest returns, with up to $0.75-$1.00 return on each dollar that you spend. Simply adding a kitchen island can provide a 65% return. Keep in mind that potential buyers want to see neutral colours and plenty of natural light in kitchens.
Updating and installing energy-efficient appliances, furnaces, windows, etc., in your home can provide you up to $0.65 on each dollar you spend. And don't forget, these updates will also benefit you as you'll see immediate savings on your electric bills.
By installing new plumbing fixtures and hardware, you will not only save dollars on your monthly water bill, you'll also turn a profit when it comes time to sell. Simple, modern fixtures are affordable and will immediately make your bathroom(s) and kitchen look crisp and clean.
A fresh coat of paint, both on the interior and exterior, of the home, can provide up to $0.67 on each dollar invested! Keep the colours neutral, simple, and modern. Buyers can be easily turned off by bright colours that don't appeal to their style.
We are all finding ourselves at home a lot more these days and are therefore are looking to our yards to expand our living space. Adding or updating your back deck is a sure-fire way to turn a profit on your investment. Building a firepit with a comfortable seating area will also give potential buyers the feeling of more living space. Buyers are almost always thrilled to see an outdoor cooking space, as well, having the extra space to bbq and prepare dinner in one area is always appreciated!
There are plenty of renovations that will appeal to many different buyers, however, the renos mentioned above will give you the best opportunity to make the highest return on your dollar. With the summer season coming to an end, this is the perfect time to get started on your home updates and increase its value, usability, and marketability.